The CMETC is a recent incentive, first introduced in 2022, that provides investors in companies exploring for certain critical minerals with a 30% tax credit based on the amount invested. This is double the current 15% credit available under the Mineral Exploration Tax Credit (METC). The legislation outlines that funds must be directed toward exploration for one or more of the following critical minerals:

  • Copper
  • Nickel
  • Lithium
  • Cobalt
  • Graphite
  • Rare Earth Elements
  • Scandium
  • Titanium
  • Gallium
  • Vanadium
  • Tellurium
  • Magnesium
  • Zinc
  • Platinum Group Metals
  • Uranium
  • Bismuth
  • Cesium
  • Chromium
  • Fluorspar
  • Germanium
  • Indium
  • Manganese
  • Molybdenum
  • Niobium
  • Tantalum
  • Tin
  • Tungsten


According to the legislation, funds raised under the CMETC mechanism will require a qualified person to certify the primary targets of exploration are within the listed mineral suite and that the amendments came into force on April 7th, 2022. Following the legislation, on Dec. 2022 Canada Revenue Agency published the certification form that the qualified person must fill. Please see the relevant links in the tiles below. 

Bill C-32 Addresses 
CMETC Legislation 

Bill C-32 (Fall Economic Statement implementation act), which outlines the implementation of the new CMETC, received royal assent on Dec. 15, 2022.

Read Bill C-32

CMETC 
Certification Form

A qualified professional engineer or professional geoscientist must certify CMETC share issuances, using the CRA's prescribed form. 

Read the Certification Form

PDAC Letter on the CMETC 
Legislative Draft 

Following the release of the CMETC legislative draft, PDAC submitted a response to Finance Canada. In our response we emphasized the need to release the prescribed form as soon as possible and addressed various other aspects/concerns we had regarding the legislative draft.

Read the Response